Feasibility Study
Feasibility studies aim to objectively and rationally uncover the strengths and weaknesses of an existing business or proposed venture, opportunities and threats as presented by the environment, the resources required to carry through, and ultimately the prospects for success. In its simplest terms, the two criteria to judge feasibility are cost required and value to be attained. As such, a well-designed feasibility study should provide a historical background of the business or project, description of the product or service, accounting statements, details of the operations and management, marketing research and policies, financial data, legal requirements and tax obligations. Generally, feasibility studies precede technical development and project implementation.
Read more about Feasibility Study: Five Common Factors, Output
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“Oh, London is a man’s town, there’s power in the air;
And Paris is a woman’s town, with flowers in her hair;
And it’s sweet to dream in Venice, and it’s great to study Rome;
But when it comes to living, there is no place like home.”
—Henry Van Dyke (1852–1933)